Used primarily in organic light-emitting diodes (OLEDs), this compound serves as an efficient phosphorescent emitter due to its high quantum yield and stability. It enables the production of bright, energy-efficient displays and lighting systems. Additionally, it is employed in photochemical research and as a catalyst in organic synthesis, particularly in reactions requiring precise control over light emission and energy transfer. Its unique properties also make it suitable for advanced optoelectronic applications, such as sensors and lasers.